March 1, 2017
Protecting Consumers from Fraud
Provincial Government Recognizes Fraud Prevention Month
Fraud Prevention Month unites more than 80 law enforcement agencies with public and private sector organizations across the country to raise awareness and protect Canadians from fraud.
During Fraud Prevention Month, the Government of Newfoundland and Labrador is encouraging consumers to take time to learn about ways to protect themselves from fraud and Service NL will be tweeting fraud prevention tips and information from its Twitter account, @ServiceNL_ .
“The cost of fraud can involve more than financial losses. It can also result in the loss of property and personal security for victims who fall prey to illegal investment schemes. Our government is committed to raising awareness about fraud and giving consumers the tools and information they need to identify and avoid fraudulent activity. I encourage all residents of the province to learn more about ways to protect themselves, their family and friends.”
- The Honourable Perry Trimper, Minister of Service NL
The focus of this year’s Fraud Prevention Month is binary options – an illegal online investment scheme that almost always results in significant financial losses for investors.
Binary options require investors to bet on the performance of an asset such as a currency, stock index or share over a short period of time. The payouts are held in online accounts and when investors attempt to collect their gains, they may find that their accounts do not exist.
“No advisor or firm is registered to trade in binary options anywhere in Canada. I encourage anyone who encounters potentially fraudulent activity to report it to Service NL’s Financial Services Regulation Division.”
- Minister Trimper
One of the best ways for residents to protect themselves from investment fraud is to research if the advisor or firm is registered with the Canadian Securities Administrators by visiting www.AreTheyRegistered.ca . A list of fraud prevention tips is provided in the backgrounder below.
- The Government of Newfoundland and Labrador is encouraging residents to learn about how to identify potentially fraudulent activity during Fraud Prevention Month.
- Fraud Prevention Month unites more than 80 law enforcement agencies with public and private sector organizations across the country to raise awareness and protect Canadians from fraud.
- The focus of this year’s Fraud Prevention Month is binary options. No advisor or firm is registered to trade in binary options anywhere in Canada, and anyone who encounters potentially fraudulent activity is encouraged to report it to Service NL’s Financial Services Regulation Division.
- Throughout the month of March, Service NL will be tweeting fraud prevention tips and information about how to identify fraud.
- 30 -
Media Relations Manager
Backgrounder - Fraud Prevention Tips
Consumers are encouraged to be proactive in learning about fraud, in order to avoid becoming a victim.
- Never send money to anyone you know only from an unsolicited call or email;
- Never give out personal information online or over the phone;
- Do not give out your credit card information to pay for an investment;
- Research an investment before making a commitment;
- Make sure the firm and/or individual is registered by checking their professional registration status at www.AreTheyRegistered.ca ; and
- Check statements (e.g. bank, credit card) regularly to make sure there are no unauthorized purchases or charges made by vendors you do not know.
- Visit www.BinaryOptionsFraud.ca to learn more about binary options fraud in Canada.
If you have been victimized by fraud:
- Contact Service NL at 709-729-2602;
- Cancel your credit/debit card;
- If you have provided your banking information contact your bank to advise them immediately; and
- If you have provided passport information, drivers licence or utility bill information, contact the appropriate department to advise them immediately.
2017 03 01 2:35 p.m.